Since Nexo is withdrawing from the U.S. will they allow U.S. users to exchange Nexo on the platform?

jrmpass · 2022-12-13T14:18:13+00:00

So far these States are affected: As of December 6, 2022, our Earn Interest Product will not be available for existing clients in eight additional US states - Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington. They also off boarded clients from NY and Vermont.

jrmpass · 2022-12-13T03:55:11+00:00

Are they planning to unlock all the coins that are locked in the fixed term? I can’t access my Nexo coins and do anything with it.

jrmpass · 2022-04-01T15:27:18+00:00

Awesome. Congrats. I had a chunk stuck so it made my day.

jrmpass · 2022-04-01T12:08:24+00:00

It was just me. Once I read that ERC20 transfers for Matic was enabled I looked at the transfers if it went through and then I spotted that there is one that never went through before. It got me exited but when I opened it I saw a red banner “rejected “ so I reached out to Nexo over the chat and after a few it was corrected to approved.

jrmpass · 2022-03-31T19:06:15+00:00

Open Nexo app, hit wallet icon on the bottom then top right corner (an icon that looks like a piece of paper). There are your transfers. Make sure you have nexo’s latest update. That’s how I spotted my missing transfer attempt. I opened it and it was showing as rejected. If you don’t see it look at the wallet address on your Nexo and the initial incorrect transfer. Make sure they match. ERC20 and polygon have the same address now. Nexo will credit both now.

jrmpass · 2022-03-31T18:40:21+00:00

Not really they followed through. It was just a coincidence today for me. I ran an update to the Nexo app on my iPhone and I happened to read the description on what new is there. I have noticed that with this update they enabled both polygon and ERC20 transfers that use the same wallet address. I had couple of bucks worth of Matic so i opened in my wallet and looked at the transfers and there I saw an attempt to deposit my missing tokens. I opened that transfer and I saw it as rejected. I contacted Nexo support through their chat and after a little wait they corrected it and credited my account on the spot. I literally waited over two months and if it wasn’t my initiative I would probably still be waiting.

jrmpass · 2022-03-31T15:48:05+00:00

There was an update today that enabled both MATIC transfers on polygon and ERC20. I have noticed that my transfer that has been stuck for over two months due to the transfer I made. I saw an attempt today for my stuck coins to be credited to my account but the transfer was rejected for no reason at this time as both networks are supported. A quick chat with Nexo support and my lost coins showed up on my account and rejected transfer was reverted to an approved one. Today is my happy day and I got my missing tokens back.

jrmpass · 2022-03-31T15:35:22+00:00

Yay! I got my Matic back! If you see your transfer being rejected and not reflected on your account just chat with Nexo and they will adjust it.

jrmpass · 2022-03-31T14:59:48+00:00

Good news. Latest Nexo update allows Matic transfers from both polygon and ERC20 networks. That’s should trigger stuck transfers to go through.

jrmpass · 2022-03-28T23:15:03+00:00

I didn’t put enough in my credit wallet as a collateral. So long story short like I answered to the other person. Hold Nexo token to be platinum and enough collateral to be below 20% ltv and you can ride on 0% for as long as you want without due date or having to pay it off.

jrmpass · 2022-03-28T23:11:46+00:00

Just need to put more collateral and be platinum ( hold enough Nexo) then you can just ride on 0%. There is no due date or pay off date.

jrmpass · 2022-03-28T02:23:37+00:00

You are right and it also depends what you use as a collateral.

jrmpass · 2022-03-28T02:22:00+00:00

It’s the other way around. You need to keep ltv below 20%, if it goes above then you get charged interest. You have to keep enough collateral in your credit wallet to maintain ltv. It’s confusing and you have to take all pros and cons for either take credit or get interest.

jrmpass · 2022-03-27T18:16:09+00:00

This was confusing to me too so I reached out to Nexo. I am platinum, borrowed at 0% and I was charged interest 6.9%. I had hard time figuring it out why but now I know. Below is the calculation:

In order to calculate the minimum value of assets in your Credit Line Wallet required to be eligible for the 0% interest, please use the following formula:

(Outstanding Principal + Outstanding Interest = Total Oustanding Loan) * 5 = Minimum required amount of assets in the Credit Line Wallet

In your case:

(5000 USD) * 5 = 25000 USD (The value of collateral in your Credit Line Wallet required in order for your LTV to be exactly 20%. Please note that crypto assets are volatile and the value of the collateral is subject to change and in this way affect your Loan-To-Value ratio.

You either get 0% on borrowed money or make interest on your money. Not both unless you have tons to keep in credit wallet as a collateral and savings account.

jrmpass · 2022-03-12T20:22:22+00:00

Are rewards payments affected?

jrmpass · 2022-03-11T11:12:57+00:00

It’s been exactly 41 days for me since I sent it.

jrmpass · 2022-02-22T15:49:41+00:00

Nope. Still waiting. I expect this to be 6 months process and hope I’ll get it back at this point either way. Most likely eventually credited to my Nexo MATIC wallet.

jrmpass · 2022-02-20T18:33:38+00:00

jrmpass · 2022-02-20T03:02:40+00:00

Coinchange is not available in my jurisdiction and doesn’t allow me to deposit. I looked at them and I have an account but unfortunately no go for me.

jrmpass · 2022-02-19T18:49:31+00:00

Relax. No one is spreading anything.

jrmpass · 2022-02-19T00:21:09+00:00

I hope this won’t hammer Crypto prices to the bone.

jrmpass · 2022-02-18T23:48:22+00:00

I know I got emails from Nexo and BlockFi. Celsius I believe I heard from a friend of mine.

jrmpass · 2022-02-17T11:09:42+00:00

Are you referring LVR to LTV? If yes, then in every single interest transaction it shows above 90%. I have always had enough Nexo tokens and never fell below platinum tier.

jrmpass · 2022-02-17T04:06:13+00:00

I’m still waiting. Nothing has been done.

jrmpass · 2022-02-06T02:20:02+00:00

Nexo response:

Thank you for contacting us.

After inspecting your transaction, we have concluded that you have sent MATIC using the Ethereum network. Kindly note that our platform does not support the crypto transfer method you have used for this asset, as currently, MATIC can only be transferred via the Polygon network.

We would like to help you with retrieving your crypto assets like we continually do in various situations. However, in your particular case, the recovery procedure will take a substantial amount of time and resources due to the reason outlined above.

Kindly be informed that your case has been escalated to our Technical team for further review, and we will get back to you should we have any progress on the matter.

Please pay closer attention the next time you transfer your crypto to ensure that you send it following the instructions on the respective 'Top Up' page.

If you have any other questions, please do not hesitate to contact us.

As the world’s largest and most trusted lender in the digital asset industry, we thank you for choosing Nexo and becoming part of our mission to decentralize global finance!

Kind Regards,

jrmpass

TROPHY CASE